The Vermont House of Representatives has passed H95 - An act relating to unclaimed life insurance benefits. This bill requires life insurance companies to make a good faith effort to locate beneficiaries after a client has deceased.
The Vermont Treasurer’ s office has worked with other states to audit life insurance companies and have found that they often do not work to locate beneficiaries. This has resulted in unclaimed benefits to many Vermont families. H. 95 would require life insurance companies to maintain and monitor a ‘ Death Master File,’ a program that matches a person on the file and the social security number, name, or date of birth of an insured annuity owner.
‘ If an individual has paid an insurance company to provide financial security for her loved ones, the company should provide the security that they have promised,’ said Speaker Shap Smith; ‘ this bill will help make that happen.’
Speaker's Office 3.21.2013
Vermont House of Representatives passes Unclaimed Life Insurance Benefits bill
Submitted by tim
on